破产威胁与战略变革-基于组织资源与市场丰腴性的调节效应研究

A Threat of Bankruptcy and Strategic Change: Based on Moderating Effects of Organizational Resources and Market Munificence

本文基于企业行为理论和前景理论,结合"威胁—刚性"假说的观点,分析了企业面临破产威胁的程度与战略变革实施之间的关系,并讨论了组织内部资源(冗余资源和政治资本)和外部市场机会(市场丰腴性)对两者关系的调节作用。基于2003—2014年中国沪深A股上市公司的数据,得到以下研究结论:(1)随着破产威胁程度的不断提高,企业进行战略变革的程度呈现出先升后降的倒U形关系;(2)企业拥有的冗余资源越多,说明企业现有的进行战略变革的内部基础条件越丰富,增强了企业在面临破产威胁时进行战略变革的能力;(3)政治资本作为企业能够获得未来潜在资源的依靠,为企业战略变革提供了更多资源基础,进一步强化了破产困境下企业实施战略变革的能力;(4)丰腴的外部市场为企业提供了良好的外部经营环境和更多的环境自主权,进一步强化了面临破产威胁困境的企业进行战略变革的程度。本文有助于从经营困境视角解释破产威胁与战略变革间的复杂关系,丰富了破产威胁和战略变革等方面的相关研究。

This paper analyzes the relationship between a threat of bankruptcy that enterprises face and strategic change based on a behavioral theory of the firm, prospect theory and ＂threat-rigidity＂ hypothesis, and also discusses the moderating role of internal resources （slack resources and political capital） and external opportunities （market munificence） in organizations in this relationship. Based on the data of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2003 to 2014, it comes to the following conclusions： firstly, with constant expansion of a threat of bankruptcy, the extent of corporate strategic change shows the ＂inverted U-shaped＂ relationship; secondly, more slack resources that an enterprise has indicate richer internal basic conditions for strategic reform an enterprise has, which enhances the ability for enterprises to carry out strategic change when an enterprise faces a threat of bankruptcy; thirdly, political capital as a kind of reliance that enterprises can gain future potential resources, provides more resources basis for corporate strategic change and further strengthens the enterprises＇ capacity of strategic change when facing a threat of bankruptcy; fourthly, a munificent external market would provide an enterprise with favorable external operational environment and more environmental autonomy, and further enhances the extent of strategic change when enterprises face a threat of bankruptcy. This paper helps to explain the complex relationship between a threat of bankruptcy and strategic change from a perspective of financial difficulties and also enriches the research concerning a threat of bankruptcy and strategic change.